Investing.com - The pound edged lower against the U.S. dollar on Friday, after data showed that the U.K. trade deficit widened unexpectedly in September, while markets eyed the release of a highly anticipated U.S. employment report later in the day.
GBP/USD hit 1.6072 during European morning trade, the session low; the pair subsequently consolidated at 1.6081, easing 0.09%.
Cable was likely to find support at 1.5950, the low of November 5 and resistance at 1.6208, the high of October 28.
Official data showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which had been revised from a previously estimated deficit of GBP9.63 billion.
Analysts had expected the trade deficit to narrow to GBP9.20 billion in September.
The data came a day after the Bank of England's monetary policy committee voted to leave rates on hold at 0.5% and made no changes to the GBP375 billion quantitative easing stimulus package.
Meanwhile, investors awaited the release of highly-anticipated U.S. employment data later in the trading session, after a strong report on U.S. economic growth on Thursday fuelled speculation the Federal Reserve could begin tapering its asset purchase program sooner-than-expected.
The Bureau of Economic Analysis said U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%. The U.S. economy grew by 2.5% in the previous quarter.
Sterling was lower against the euro with EUR/GBP edging up 0.10%, to hit 0.8347.
Also Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index. The U.S. was also to report government data on nonfarm payrolls and the unemployment rate.
GBP/USD hit 1.6072 during European morning trade, the session low; the pair subsequently consolidated at 1.6081, easing 0.09%.
Cable was likely to find support at 1.5950, the low of November 5 and resistance at 1.6208, the high of October 28.
Official data showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which had been revised from a previously estimated deficit of GBP9.63 billion.
Analysts had expected the trade deficit to narrow to GBP9.20 billion in September.
The data came a day after the Bank of England's monetary policy committee voted to leave rates on hold at 0.5% and made no changes to the GBP375 billion quantitative easing stimulus package.
Meanwhile, investors awaited the release of highly-anticipated U.S. employment data later in the trading session, after a strong report on U.S. economic growth on Thursday fuelled speculation the Federal Reserve could begin tapering its asset purchase program sooner-than-expected.
The Bureau of Economic Analysis said U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%. The U.S. economy grew by 2.5% in the previous quarter.
Sterling was lower against the euro with EUR/GBP edging up 0.10%, to hit 0.8347.
Also Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index. The U.S. was also to report government data on nonfarm payrolls and the unemployment rate.